Search Results for keywords:"income tax deduction"

Search Results: keywords:"income tax deduction"

S. 4621 — To amend the Internal Revenue Code of 1986 to eliminate the application of the income tax on cash tips through a deduction allowed to all individual taxpayers.
June 20, 2024
Status:Introduced in Senate
Congress:118
Words:675
S. 4621 aims to modify the Internal Revenue Code of 1986 to eliminate income tax on cash tips received by individual taxpayers. It introduces a new deduction for cash tips included in reports to employers, allowing even those who do not itemize their deductions to benefit....
Simple Explanation
S. 4621 is a plan to change the rules so that people won't have to pay income tax on cash tips they get at work. This means that waiters, hairdressers, and others who earn tips can keep more of their money without it being taxed.
H. R. 482 — To amend the Internal Revenue Code of 1986 to eliminate the application of the income tax on qualified tips through a deduction allowed to all individual taxpayers, and for other purposes.
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January 16, 2025
Status:Introduced in House
Congress:119
Words:1,272
H.R. 482 proposes changes to the Internal Revenue Code of 1986 by allowing individuals to deduct qualified tips from their income tax. This means that the bill seeks to eliminate income tax on tips up to $25,000 received in jobs where tipping is customary. The bill also...
Simple Explanation
H.R. 482 is a bill that wants to make it so workers don't have to pay taxes on their tips up to $25,000 each year, and it also wants to help businesses like hair salons and nail shops by giving them some money back for the taxes they pay on their workers' tips.

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